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Banks cut savings rates to ‘rock bottom’

The main City watchdog concluded this week that some aspects of the UK’s £1tn savings account market "are not working well" for consumers. And the biggest losers appear to be the many loyal bank and ..

NAB and Commonwealth Bank passed on the full 0.25 per cent cut, while ANZ and Westpac each announced they would lower interest rates on mortgages by 0.18 and 0.20 per cent respectively. But they.

Mr Mickenbecker said the savings rate cut was foreseeable following the RBA’s decision to drop the official cash rate to a new record low of 1.25 per cent after nearly three years of keeping it stable at 1.5 per cent.

The rate cuts are effective immediately from 14 June 2019, and only apply to new borrowers. Greater Bank previously cut it’s fixed rate home loans as well, bringing the one year fixed rate to 2.99% (4.42% comparison rate*) as well.

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Savers have had a tough time over the past decade, because interest rates have been at rock-bottom levels for most of that time. It’s been tough to get any interest at all from regular bank savings.

In total, 124 banks and 145 credit unions made the final cut or 2.4% of U.S. financial institutions. Despite a decade of rock-bottom interest rates on savings accounts, customers mostly give their.

Both banks – who passed on June’s full 0.25 per cent RBA cash rate cut – have reduced the base rate on their online savings accounts by 0.20 percentage points, leaving them at 0.30 per cent.

"This leaves savings rates at rock bottom levels, and will put the banks under intense pressure if and when the RBA cuts the cash rate again in the next few months," Mr Mickenbecker said.

There is now a fear that there will be a race to the bottom among the banks as term deposits and savings accounts rates rapidly edge towards zero. The banks have yet to respond to show if they will pass on this new rate in full but given that many rates, particularly savings rates, have been cut by close to 30 basis points, there may not be too.

FUKUOKA, Japan/FRANKFURT (Reuters) – European Central Bank. rates for up to a decade. In this context, countering the euro’s strength, rather than lowering already rock-bottom borrowing costs,

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